India's Textile sector set for transformative growth, attract ?70,000 crore investments, generate 7 lakh direct jobs: Secretary Textiles
Thriving to double the textile market by 2030 and $1 trillion by 2047 riding on strategic partnerships and $100 billion+ domestic market
India's textile sector is set for transformative growth, driven by initiatives like PM MITRA, Mega Textile Parks and the PLI scheme. These aim to streamline the textiles value chain, attract ?70,000 crore in investments, and generate 7 lakh direct jobs, with a strong focus on technical textiles and innovation, said Rachna Shah, Secretary, Ministry of Textiles, Government of India while speaking at the 16th edition of Texcon, 2024 organised today in New Delhi.
The conference focusing on ‘Advancing India’s strategic pursuit for global leadership in Textiles and Apparel with a focus on sustainability’ was organised by Confederation of Indian Industry (CII).Addressing the conference, Secretary said, “With rising demand for technical textiles across sectors like healthcare, infrastructure, automobile, and other strategic sectors, this is India’s moment to lead globally, fostering sustainability, job creation, and economic growth.” Within India, the technical textiles market size is $25 bn and the export is currently at $2.5 bn.
India's textile industry is progressing towards global competitiveness, with significant growth. Key focus areas include expanding in sectors like denim and knitwear, tapping into new markets like Japan and Russia, and embracing automation and sustainability. With a $100 billion+ domestic market and strategic partnerships, India is thriving to reach a $1 trillion textile market by 2047, Secretary said, while emphasising on global positioning of India’s cotton industry, especially bringing larger focus on Kasturi Cotton, technical textiles, making greater use of recycled fibres, and having a sustainability framework in place.
Kulin Lalbhai, Chairman, CII National Committee on Textile & Apparel and Vice Chairman, Arvind Ltd said, “India is poised to become a global superpower with a $100 billion domestic market and growing opportunities in South Asia. While future-ready sectors like renewables and AI are key, scaling traditional industries like textiles is vital for contributing to 20 million annual job growth that the country needs.” With bold ideas, entrepreneurial spirit, and policy frameworks that enable scale and competitiveness, the textiles ecosystem can reimagine infrastructure, productivity, automation, and trade policies to make India a $100 billion export powerhouse, he added.
Rahul Mehta, Member, CII National Committee on Textiles and Apparel, and Chief Mentor Clothing Manufacturers Association of India (CMAI) said, Mega Textile Parks and the PLI scheme can change the face of India’s Textile Industry. It is time for the country to fade out its ‘low cost’ branding in global market and focus on strengthening its raw material base, R&D, enhanced productivity and establishing ‘Brand India’.
21 November 2024
New Delhi